Ichimoku Analysis (4-hour chart)
Tenken-Sen- 139.08
Kijun-Sen- 137.04
GBPJPY recovered sharply more than 150 pips from a low of 136.73. The slight jump in the Pound sterling due to broad-based US dollar selling and holding slightly above 1.300. Markets cautiously await Brexit talks and ECB monetary policy for further direction. The intraday trend of the Pound/Yen is bearish as long as resistance 139.05 holds.
On the 4-hour chart, the pair has broken holding well below 200 MA. Any break below 137.60 will drag the pair down till 137/136.75/135.99. It is facing strong resistance at 138.35, any violation above that level targets 139.05/140.70/141.45/142.71.
It is good to sell on rallies around 138.25-30 with SL around 139.05 for the TP of 136.75.
